Bitcoin price (BTC/USD) briefly tops $8,000 on Wednesday morning

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The Bitcoin price (BTC/USD) had a mostly disappointing trading session yesterday, but it managed to mitigate the damage thanks to a late price uptick. Earlier in the session, the digital coin had seen a significant downswing that sent its price below the $7,800 level. The coin had fallen to an intraday low of $7,772.80, but eventually closed the session at $7,927.71. Still, this was below its opening price of $8,004.24.

Following yesterday’s somewhat positive finish, BTC experienced some rocky trading during the early hours of today’s session. The coin had a poor start to the session, with its price tumbling to as low as $7,862.53 during the opening hours. However, the coin was able to recover quickly, thanks to a spike that lifted its price over the $8,000 barrier. The coin rose to as high as $8,049.92, before pulling back to sub-$8,000 levels in subsequent trading. At the time of writing, the Bitcoin price was hovering around the $7,950 mark, according to data from digital currency tracker Coinmarketcap.

Over the past few sessions, the No. 1 digital coin has been moving without clear direction. It appears that BTC is going through a consolidation period, with its price trying to settle in above $7,500, while not having enough momentum to secure a decisive break above the $8,000 mark, at least at the moment. This is likely due to bull exhaustion following the coin’s stellar performance last month. BTC closed the May with a 60% gain, even though it had seen a sizable correction following its brief spell above $9,000 on May 30.

In today’s trading, the Bitcoin price stood at $7,970.50, as of 10:58 BST. The digital coin has gained 0.8% in the past 24 hours. The coin’s total market capitalisation currently stands at $141.5 billion, which represents 55.3% of the combined value of all digital currencies.